In a sector where experienced brokers and advisers are approaching retirement age, the experience of financial services dealer group Synchron is worth noting.

Five years ago the average age of its life insurance advisers was 59; today the average is in the high 40s, with 40% of the group under 40.

Director Don Trapnell told insuranceNEWS.com.au the company has pushed the average age of its advisers well below the industry average.

In 2005 Synchron realised it had a problem with all its advisers ageing and heading towards retirement, and “we realised in a few years we wouldn’t have had a business”.

“So we created our Next Generation program, which was game-changing.”

The dealer group has been running an annual conference for the past five years for advisers who are aged under 40, which combines intensive training with challenging sessions, such as rock-climbing.

“We like to challenge the advisers emotionally by doing something they have never done before,” Mr Trapnell said. “By challenging them, they bond together and that improves the learning process.”

Next month’s Synchron conference will have 58 delegates. While most attendees will be from Synchron, sales executives from some life companies will attend – but they have to be aged under 40.

Mr Trapnell says attracting young advisers to life insurance requires flexibility in meeting their needs.

Because Generation X and Y are technology-driven, Synchron will be giving every delegate at the conference an iPad.

“If you are dealing with the younger adviser, you have to embrace the new technology,” he said. “You also have to change ways you do business to meet their needs.

“We now pay commissions daily because young advisers do face more challenges with cashflows.”

Mr Trapnell says the Next Generation program has proved itself, but he cannot understand why other dealer groups haven’t followed his example.

“We are still the only dealer group actively targeting young advisers,” he said.